Luanda: The National Bank of Angola (BNA) has recently taken a significant step by authorizing commercial banks to include the Chinese Yuan, known as the Renminbi (CNY), in their foreign currency mandatory reserves. This move is set to impact how financial institutions manage their reserve requirements.
According to Angola Press News Agency, this directive is part of an effort to adjust the procedures for establishing and releasing foreign currency mandatory reserves. With this new measure, banks can now fulfill reserve requirements using not only the US Dollar (USD), Euro (EUR), and South African Rand (ZAR) but also the Renminbi (CNY).
The directive has been in effect since the 6th of this month, thereby revoking the previous directive. This change reflects an evolving approach to currency management in Angola's banking sector.
